Chairman Roy Bostock voiced his support for Bartz, and
stockholders approved Bartz’s and Bostock’s re-election to the
board with about 80 percent of the votes. Other directors got at
least 90 percent, according to the results Yahoo announced at the
meeting in Santa Clara.

“The hard-won progress that we have made is why this board is
very supportive of Carol and the management team,” Bostock said in
his opening remarks to shareholders. “I want to make it very clear
about that support. We are confident that Yahoo is headed in the
right direction.”

Investors, including some at the meeting, have expressed
frustration with Yahoo’s growth prospects and the way it has
handled Asian assets that analysts say may make up more than half
its value. Under Bartz, who is more than halfway through her
contract, Yahoo has slashed costs with job cuts and a partnership
with Microsoft Corp. Still, Yahoo’s U.S. search market share has
stalled at about 16 percent since December, according to ComScore
Inc.

“Some of the longer-term shareholders have been very patient,”
Ryan Jacob, portfolio manager of the Jacob Internet Fund in Los
Angeles, said in a phone interview before the meeting. “That
patience is slowly coming to an end.”

Yahoo fell 15 cents to $15.08 at 4 p.m. New York time on the
Nasdaq Stock Market. Shares of the Sunnyvale-based company have
gained 1.7 percent since last year’s meeting, compared with a 21
percent jump in the technology-laden Nasdaq Composite Index.

The company’s Asian assets, including stakes in China’s Alibaba
Group Holding Ltd. and Yahoo Japan Corp., give the company a value
of about $25 a share, said Adam Seessel, a portfolio manager of the
RiverPark/Gravity Long-Biased Fund, which has about $10 million
under management. Yahoo’s turnaround effort may take time, he
said.

“The stock price will tell you that no one thinks anything good
is going to happen to Yahoo,” Seessel said.

Other investors, such as Greenlight Capital Inc.’s David
Einhorn, also have said the company’s Asian holdings make it an
attractive investment. Greenlight announced earlier this year that
it had acquired a stake in Yahoo, saying its most valuable asset
was its stake in Alibaba Group.

Alibaba Group, which owns e-commerce businesses in China, helps
Yahoo investors benefit from growth in the world’s largest Internet
market. Yahoo’s 43 percent holding in Alibaba may account for as
much as three-fourths of Yahoo’s market capitalization, according
to analysts including Sandeep Aggarwal of Caris & Co. in San
Francisco. Japan’s Softbank Corp. also owns a stake in Alibaba.

Yahoo shares have fallen 19 percent since the company revealed
in a regulatory filing last month that Alibaba Group had
transferred its online-payments unit, Alipay, to a Chinese company
mostly owned by Alibaba CEO Jack Ma. The shift, which helped Alipay
comply with foreign-ownership restrictions in China, fueled concern
that Yahoo’s stake would lose value.

Yahoo, Alibaba and Softbank said in a joint statement this week
they are making “substantive” progress toward an agreement on
Alipay about compensation for the loss of the unit.